Today, Prime Minister Mostafa Madbouly witnessed the signing ceremony of a credit facility agreement and a guarantee contract, as part of the government's plan to develop the textile sector in Egypt.
The credit facility agreement was signed by Dr. Ahmed Mustafa, Executive Managing Director of the Holding Company for Cotton, Spinning, Weaving and Clothing, Dr. Essam Sadek, Managing Director of Finance at the Holding Company for Cotton, Spinning, Weaving and Clothing, Helmy Ghazi, Head of Global Banking at HSBC, and Nadim Habib, Head of Financial Institutions and Sector General at HSBC.
The agreement was signed via video conference technology, Thomas Lazko, CEO of UBS Bank, Clyde Eislin, Director of UBS Bank, Gabriel Gurira, Managing Director and Head of Swiss Export Finance for Business at Credit Suisse, and Dominic Schleinkert, Vice President of Swiss Export Finance for Business at Credit Suisse. Suez”, in the presence of Dr. Mohamed Maait, Minister of Finance, and Hisham Tawfik, Minister of Business Sector.
The Minister of Finance signs the guarantee contract
While the guarantee contract was signed by Dr. Mohamed Maait, Minister of Finance, and via video conference technology, Thomas Lazko, CEO of UBS Bank, Clyde Eislin, Director of UBS Bank, Gabriel Gurira, Managing Director and Head of Swiss Export Finance for Business at Credit Suisse, and Dominic Dominic Schellenkert, Vice President of Swiss Export Finance for Business at Credit Suisse, in the presence of Hisham Tawfik, Minister of Business Sector.
This signing comes within the government’s comprehensive plan to develop the spinning and weaving sector, which is implemented by the Ministry of Business Sector and the Holding Company for Spinning and Weaving, and aims to double the production capacities of gins and factories to achieve profits for the Spinning and Weaving Holding Company, during which the cast-cotton trade system was circulated with the auction system tied to international prices, and the implementation of Successful experiment of cultivating short staple cotton in the Western Desert.
Complete the development of 7 new gins to provide clean cotton
This comes in addition to completing the development of 7 new gins to provide clean and traceable cotton as inputs to the spinning, weaving, dyeing and processing industries, with the aim of providing quality inputs to the ready-made garment industry carried out by the private sector, as well as implementing a cotton seed oil production project in cooperation with the private sector.
The holding company aims to double its sales from new production capacities; In addition to conquering global markets; Through what is done by a new company created specifically for the promotion, sales and management of the production chain in all production companies; According to a unified pricing and selling policy; And under one brand has been developed.
The machine development process is one component of several other components of the development plan; It includes construction works at 65 sites between the development of existing buildings and the construction of new buildings in 7 companies; Resulting from the merger of 23 companies of similar activity, targeting global markets as well as the local market for an integrated package of products: yarns, fabrics, some selected final products, and services such as spinning services and dyeing services for others, in addition to standardizing and mechanizing work procedures.